The cost to build a new downtown arena for the Sacramento Kings has gone up by $30 million. But the team's owners, not the city, will cover the difference.

According to an updated financial structure agreement released by the city of Sacramento on Monday, the total cost of the arena is now $477 million, split 53 percent to 47 percent between the team owners, referred to as Sacramento Basketball Holdings, and the city.

“Consistent with their commitment to cover costs beyond the original project budget, SBH will invest an additional $30 million for these enhancements,” states the financing plan, which will be the subject of a full presentation to the City Council on Tuesday. “SBH also remains responsible for any further cost increases.”

As before, the city’s contribution of $223 million stems from largely public financing derived from bonds sold against future parking revenues, along with $5.6 million from the city’s parking infrastructure fund and $5 million in proceeds from the city selling the Sheraton Grand Hotel property.

The team also receives several parcels of land formerly owned by the city, including the parcel where the current arena is in Natomas, appraised at $14.8 million, and an empty plot at Third Street and Capitol Mall, appraised at $13.4 million.

About 1,200 parking spaces under the future arena site on the western end of Downtown Plaza, as well as next to it, will be demolished as part of the arena construction project.

The arena itself and the land under it will be owned by the city, with annual lease payments of $6.5 million in the first five years and thereafter rising by either 3 percent or the annual Consumer Price Index increase, whichever is greater.